Wells Fargo takes shelter in Asia with bigger team

Wells Fargo, the largest bank by market capitalisation in the United States, aims to grow its revenue at a double-digit pace annually over the next three years in China, despite increasing concerns about the country's slowing economy.

John Rindlaub, president for the Asia-Pacific region at Wells Fargo, told the South China Morning Post in an interview that while the weaker global economy had prompted some foreign financial institutions in Asia to lay off staff or even close offices, the present environment gave the bank a rare opportunity to grab some top talent.

Earlier this year, loss-making Royal Bank of Scotland sold its Asian equities business to Malaysia's CIMB Group. More recently, Piper Jaffray decided to close its Hong Kong office to refocus on its home market in the United States.

'Many US company CEOs tell us that maybe 10 years ago the story in China was all about manufacturing in China, and then exporting to the US; and now the story in China is that they still manufacture in China' but sell to local Chinese consumers, said Rindlaub, a veteran banker who was appointed the top boss for Wells Fargo in Asia last year.

'It is a growing opportunity for many US companies' to sell in China, he added. 'We're not going to leave here. In fact, we are still hiring.'

China is the world's No 2 economy, behind the US. It has also become the economic engine of Asia, replacing Japan as its economy stagnated in the past decade. Beijing's official target for this year calls for the economy to grow by 7.5 per cent.